All Indian residents between the ages of 18 and 40 who’ve financial savings accounts in a financial institution or publish workplace are eligible for this program.
In a related vein, the proportion of subscribers between the ages of 18 and 25 has elevated from 32% in 2017 to 45% of total enrolments.
A press assertion from the Pension Fund Regulatory and Development Authority (PFRDA) introduced that the subscription base of Atal Pension Yojana has seen a rise. The Atal Pension Yojana has witnessed a rise of round 28% in phrases of subscribers over the previous yr. As per the PFRDA information, the variety of Atal Pension Yojana accounts rose by 28.46% from 3.52 crore in March 2022 to 4.53 crore in March 2023. In January 2023, greater than 5 crore Indian residents subscribed to the scheme.
A couple of encouraging patterns have been noticed in the demographics of the subscribers, because the proportion of feminine enrollees in this system elevated from 38% in 2017 to 45% in 2018. Similarly, the proportion of subscribers between the ages of 18 and 25 has elevated from 32% in 2017 to 45% of total enrolments. Total belongings beneath administration (AUM) as of this writing in Atal Pension Yojana has now exceeded Rs 25,000 crore.
According to the scheme, a subscriber would begin receiving a minimal assured pension at age 60 that may vary from Rs 1,000 to Rs 5,000 monthly, relying on their contributions, which might change relying on after they first joined the Atal Pension Yojana. After the subscriber passes away, the subscriber’s partner would obtain the identical pension, and if each the subscriber and partner cross away, the nominee would obtain the subscriber’s pension revenue up to the age of 60.
All Indian residents between the ages of 18 and 40 who’ve financial savings accounts in a financial institution or publish workplace are eligible for this program.
The variety of contributions will range relying on the frequency of funds, the pension slab chosen and the subscriber’s age on the time the Atal Pension Yojana account was created. Contributions may be made on a month-to-month, quarterly or half-yearly foundation by organising automated debits from the subscriber’s financial savings checking account or publish workplace financial savings checking account.
On February 19, 2016, the federal government revealed the income-tax profit for the investments made beneath the Atal Pension Yojana. As of now, traders in Atal Pension Yojana are eligible for a similar income-tax advantages as contributors in another related plans just like the National Pension System. Every fiscal yr, solely Rs 1.5 lakh may be deducted at most beneath Section 80 CCD (1) and Section 80C.
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